Data: University of Michigan; Chart: Axios VisualsÂ
The Delta variant put a massive dent in one measure of consumer sentiment.
Driving the news: A key index saw the seventh-worst decline on record, going back over half a century. (It doesn’t top the drop at the onset of the pandemic, or the fall during the 2008 financial crisis.)
Why it matters: How we feel about the economy could affect if and how much we spend.
What they’re saying: "[T]he extraordinary surge in negative economic assessments … reflects an emotional response, mainly from dashed hopes that the pandemic would soon end," University of Michigan chief economist Richard Curtin said.